(Amended by Ordinance Nos. 166682 and 172567, effective August 12,
1998.) As used in this Chapter unless the context requires otherwise:

A. “Economic development project” includes any properties, real
or personal, used or useful in connection with a revenue producing
enterprise. “Economic development project” shall not include any facility
or facilities designed primarily for the operation, transmission, sale, or
distribution of electrical energy. “Economic development project” also
includes multiple unit residential housing development on land having an
assessed valuation of $8 per square foot or more on September 13, 1975, land
within a designated urban renewal or redevelopment area formed pursuant to ORS
Chapter 457, land within an area designated as a Housing and Community
Development target neighborhood pursuant to the Housing and Community
Development Act of 1974, or projects which benefit low or moderate income
tenants, or address slum and blight as defined by the 1974 Housing and Community
Development Act.

B. “Eligible project” means an economic development project
found by the City to meet standards adopted pursuant to this Chapter.
“Eligible project” includes multiple unit residential housing development which
increases available housing units through new construction, rehabilitation of
nonresidential buildings, or provides for rehabilitation of residential
buildings.

C. “City” means the City of Portland.

D. “Costs” as applied to any project must conform to all
applicable Internal Revenue Service regulations and may include:

1. The cost of construction and reconstruction.

2. The cost of acquisition of property, including rights in
land and other property, both real and personal and improved and unimproved
and the cost of site improvements.

3. The cost of demolishing, removing or relocating any
buildings or structures on lands so acquired, including the cost of acquiring
any lands to which the buildings or structures may be moved or relocated.

4. The cost of eligible machinery and equipment and related
financing charges.

5. The cost of engineering and architectural surveys, plans
and specifications.

6. The cost of financing charges and interest prior to and
during construction, and if deemed advisable by the City for a period not
exceeding 1 year after completion of construction.

7. The cost of consultant and legal services, other expenses
necessary or incident to determining the feasibility or practicability of
constructing a project, administrative and other expenses necessary to or
incident to the construction of the project, including, but not limited to,
costs of relocation and moving expenses according to a project plan developed
by the City, and the financing of the construction of the project thereof,
including reimbursement to any state or other governmental agency or any
lessee of such project for the expenditures made with the approval of the City
that would be costs of the project under this Chapter had they been made
directly by the City, and any costs incurred after bond issuance by the City
for audits or monitoring.

E. “ Qualified historic project” shall mean a project which
includes the restoration or rehabilitation of a structure or structures
designated as a City of Portland Historic Landmark. Such rehabilitation or
restoration shall require the approval of the City of Portland Landmarks
Commission to assure conformance with the Secretary of the Interior’s standards
for historic preservation projects.